**Clark** Murray: very few fans are not backing us Richard Wilson Sports writer.Tuesday 12 November 2013 Malcolm Murray believes the continuing protests against the board by Rangers supporters will help to sway the shareholder annual meeting in favour of those standing against the incumbents. More than 1000 fans gathered outside the main stand at Ibrox before Saturdays game against Airdrieonians and chanted sack the board and Murray is adamant that kind of discontent will influence shareholders. The agm is due to be held at Ibrox on December 19, and shareholders will vote for or against the three current directors (James Easdale, Brian Stockbridge and David Somers) and four new directors nominated by the institutional shareholders (Malcolm Murray, Paul Murray, Scott Murdoch and Alex Wilson). With two main shareholder blocks favouring either side, and holding roughly similar-sized stakes, the vote will be close run. However, Malcolm Murray is certain the growing mood of anger and resentment amongst the fans, principally at the way the money raised in last Decembers initial public offering of shares has been spent, will have an effect. We have the best team, with the interests of Rangers at heart, said Murray. Anybody with an open mind will vote for this group. Institutions dont go public on these things, [but] they will vote the right way in terms of corporate governance. Theyve got an investment that theyre slightly embarrassed about. Theyll do the right thing to get that right. The fans have made their views known in no uncertain terms. In any other company, if people to that extent demonstrate to remove the board, if that was a supermarket, bank or factory, the board would walk out immediately. Theres very few [fans] who arent backing this. The fans are totally behind transparency. Thats what they chanted outside the front door of Ibrox. Speaking on BBC Sportsound, the former Rangers chairman insisted that the nominated directors have the confirmed support of 28% of the shareholders - the same group that backed the call for an extraordinary meeting earlier this year. Murray admitted that, although they pulled back on the egm to save the club money, that was a mistake. He also reacted to revelations that Police Scotland have widened their investigation into Craig Whytes purchase of the club in May 2011 to take in events of last summer, when the consortium led by Charles Green bought the business and assets of Rangers Football Club plc in liquidation. He does not believe that Whyte is still involved, and he does not think administration is likely, but remains deeply concerned at the way the club is being run. He and his fellow nominees are seeking a meeting with the new acting chairman, David Somers, this week, and will stress that no further appointments should be made until after the agm. My major concern is that the cash is disappearing too quickly, Murray said. That has to stop and thats why weve assembled a board thats fit for purpose, with experience, to make sure cash stops going out and is reinvested in the club. Ive been involved in corporate finance for almost a third of a century and seen things happen that would make your hair stand on end. I was given assurances [Whyte] wasnt involved. I dont think he is, but its pretty clear certain individuals had talked to him in the past, which surprised me. We have to give [Somers] the benefit of the doubt that hes there for the right reasons. I dont know this gentleman. Its much better to eyeball [people] and find out in a honest way. Any chief executive in his right mind wouldnt join a board in this state of turmoil. Ive never seen a board being effectively reduced to one man and his dog when there was five of them.
Posted on: Tue, 12 Nov 2013 10:12:22 +0000
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